City Bank (DHA:CITYBANK) Beneish M-Score: -2.49 (As of Jun. 25, 2026)


DHA:CITYBANK City Bank PLC DHA:CITYBANK
66 GF Score
Price BDT30.40
GF Value BDT27.10
Valuation Modestly Overvalued
! 4 Warning Signs
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What is City Bank Beneish M-Score?

City Bank DHA:CITYBANK +1.00% 66 Beneish M-Score is -2.49 as of Jun. 25, 2026. GuruFocus rates DHA:CITYBANK with a GF Score™ of 66/100 and a GF Value™ of BDT27.10 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 1,396 Banks companies, City Bank ranks better than 68.05% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for City Bank's Beneish M-Score or its related term are showing as below:

DHA:CITYBANK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.37   Med: -2.55   Max: -1.78
Current: -2.49

During the past 13 years, the highest Beneish M-Score of City Bank was -1.78. The lowest was -3.37. And the median was -2.55.

DHA:CITYBANK
66GF Score
City Bank PLC DHA:CITYBANK
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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City Bank Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of City Bank for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1+0.528 * 1+0.404 * 0.9992+0.892 * 1.3312+0.115 * 1.0399
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7893+4.679 * -0.061505-0.327 * 1.1791
=-2.49

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was BDT0 Mil.
Revenue was 13498.112 + 12376.466 + 14215.318 + 13002.989 = BDT53,093 Mil.
Gross Profit was 13498.112 + 12376.466 + 14215.318 + 13002.989 = BDT53,093 Mil.
Total Current Assets was BDT0 Mil.
Total Assets was BDT880,189 Mil.
Property, Plant and Equipment(Net PPE) was BDT14,481 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT3,892 Mil.
Selling, General, & Admin. Expense(SGA) was BDT254 Mil.
Total Current Liabilities was BDT0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT44,440 Mil.
Net Income was 2407.896 + 6020.345 + 4210.811 + 2090.323 = BDT14,729 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 11696.353 + 13963.209 + 33142.228 + 10063.494 = BDT68,865 Mil.
 Total Receivables was BDT0 Mil.
Revenue was 9079.666 + 10654.463 + 10167.646 + 9980.31 = BDT39,882 Mil.
Gross Profit was 9079.666 + 10654.463 + 10167.646 + 9980.31 = BDT39,882 Mil.
Total Current Assets was BDT0 Mil.
Total Assets was BDT759,748 Mil.
Property, Plant and Equipment(Net PPE) was BDT11,919 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT3,368 Mil.
Selling, General, & Admin. Expense(SGA) was BDT242 Mil.
Total Current Liabilities was BDT0 Mil.
Long-Term Debt & Capital Lease Obligation was BDT32,532 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(0 / 53092.885) / (0 / 39882.085)
=0 / 0
=1

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(39882.085 / 39882.085) / (53092.885 / 53092.885)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 14480.679) / 880189.111) / (1 - (0 + 11919.136) / 759748.029)
=0.983548 / 0.984312
=0.9992

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=53092.885 / 39882.085
=1.3312

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(3367.71 / (3367.71 + 11919.136)) / (3892.077 / (3892.077 + 14480.679))
=0.220301 / 0.21184
=1.0399

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(254.369 / 53092.885) / (242.097 / 39882.085)
=0.004791 / 0.00607
=0.7893

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((44440.026 + 0) / 880189.111) / ((32531.572 + 0) / 759748.029)
=0.050489 / 0.042819
=1.1791

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(14729.375 - 0 - 68865.284) / 880189.111
=-0.061505

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

City Bank has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.49 mean?
City Bank (DHA:CITYBANK) has a Beneish M-Score of -2.49 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on City Bank and its competitors. According to the industry distribution chart, City Bank ranks #446 out of 1396 companies in the Banks industry, placing it in the top 31.9%.
Is City Bank's Beneish M-Score too high?
City Bank's current Beneish M-Score is -2.49. Based on the distribution chart, City Bank ranks #446 out of 1396 companies in the Banks industry, which is above the industry midpoint. Overall, City Bank has a GF Score™ of 66/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does City Bank's Beneish M-Score compare to competitors?
According to the Banks industry distribution chart, City Bank ranks #446 out of 1396 companies for Beneish M-Score. This puts City Bank in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Banks company?
A good Beneish M-Score depends on the Banks industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on City Bank and its competitors. City Bank's current Beneish M-Score is -2.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is City Bank stock overvalued right now?
Based on GuruFocus' analysis, City Bank (DHA:CITYBANK) is currently considered Modestly Overvalued. The stock's GF Value™ is BDT27.10, compared to a current price of BDT30.40 — trading 12.2% above its estimated fair value. The current Beneish M-Score is -2.49. City Bank's overall GF Score™ is 66/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For City Bank (DHA:CITYBANK), the current Beneish M-Score is -2.49 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is City Bank (DHA:CITYBANK) Overvalued in 2026?

Based on GuruFocus' analysis, City Bank stock appears to be overvalued. The current stock price of BDT30.40 is trading 12.2% above its estimated GF Value™ of BDT27.10. GuruFocus considers City Bank to be Modestly Overvalued.

Key valuation signals for DHA:CITYBANK:

  • Beneish M-Score: -2.49
  • GF Value™: BDT27.10 vs. price of BDT30.40 (12.2% above fair value)
  • GF Score™: 66/100 with 4 warning signs

No single metric tells the full story. See the DHA:CITYBANK stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

City Bank Business Description

Address SE (D)- 3, 28 Gulshan Avenue, City Bank Center, Gulshan-1, Dhaka, BGD, 1212
City Bank PLC operates as a commercial bank offering a range of depository, loan, and card products, and services. The products and services of the company include various types of savings and current accounts, personal loans, debit cards, credit cards, internet banking, corporate banking, SME banking, investment banking, and treasury and syndication services, among others. The company recognizes the majority of its revenue from interest, fees, commission, and investment income.
66GF Score

Get the complete analysis for DHA:CITYBANK

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

BDT30.40
Price
BDT27.10
GF Value